People & News

Foreign property ownership

The panel investigating land ownership and its use by foreigners has recommended the immediate implementation of interim measures to identify the nationality of property buyers and whether buyers are corporate or private.

Shadrack Gutto, the chairman of the nine-member panel, which has just submitted its report to land affairs minister Thoko Didiza, said that there was a need to improve the capturing of information. The panel was looking at the status now and trying to improve the system so that this information was available for planning purposes. He also said that work had to be done in order to identify who owned the corporate entities which owned the land, as well as the identities of beneficial owners of trusts. The panel was also looking at a comprehensive recommendation so the government could develop a policy and, if necessary, enabling legislation to accompany it.

Article on Business Report

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